Police said businessman Kamlesh Jain, who owned Jain Transport in Haripur on the outskirts of the city, had come to the Bajrakabati branch HDFC bank to withdraw the money.

After collecting the money in a bag from the Bank, Mr Jain was about to leave, when some people approached him, saying that his money was lying on the road.

The businessman then stopped his vehicle and looked back at the road. The miscreants grabbed the opportunity and snatched the bag from his vehicle.

He immediately alerted the local people and passerbys but failed to locate the money bag. The police, on being informed about the incident, rushed to the spot and sealed all exits points to nab the miscreants.